Bharat Forge gains 2%, acquires 35% stake in UK based company Tevva

The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.

The share price of Bharat Forge rose 2 percent intraday Wednesday as the company acquired the stake in UK based company.

The company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.

Pursuant to the agreement, the company has acquired 34.53 percent and Bharat Forge International, UK, a wholly owned subsidiary of the company has acquired 0.73 percent stake in Tevva, aggregating to a combined stake of 35.26 percent.

Tevva provides electric powertrain solutions for commercial vehicles & buses in the 7.5 - 14 T weight category. This is soon to be extended for the development of new commercial vehicles, especially trucks and buses.

Baba Kalyani, CMD of Bharat Forge said, “This will also bring very focused and state-of-the-art EV powertrain solutions to our customers in India and worldwide. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain the better understanding of the 2-wheeler and the commercial Vehicle EV space."

At 10:10 hrs Bharat Forge was quoting at Rs 664, up Rs 10.80, or 1.65 percent on the BSE.